Mindoro Resources Ltd.

Mindoro Resources Ltd.

October 21, 2005 11:49 ET

Mindoro Resources Ltd.: Pica 2 Intersects Significant Porphyry Copper-Gold Mineralization

EDMONTON, ALBERTA--(CCNMatthews - Oct. 21, 2005) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FWB:OLM) today announced preliminary results from the second drill hole on its Pica porphyry copper-gold prospect, Lobo Project, Batangas Province, the Philippines. In its upper sections, Pica 2 intersected significant porphyry copper-gold mineralization and alteration consistent with that found in the upper or outer margins of a porphyry deposit. Lower sections of the hole, near its current depth of 530 meters, and from which assays are awaited, may be in the main part of the porphyry system.

Between 22 and 235 meters, Pica 2 intersected 213 meters at a grade of 0.18% copper, 0.30 grams per tonne (g/t) gold and 1.91 g/t silver. This includes 19.30 meters from 22 to 41.30 meters grading 0.12% copper, 0.74 g/t gold and 3.0 g/t silver, and from 82.80 to 123.65 meters, 40.90 meters at a grade of 0.24% copper, 0.99 g/t gold and 5.67 g/t silver. Assays below 358 meters are awaited.

"We are extremely pleased with these results," said Tony Climie P. Geol., president of Mindoro. "Pica represents a new porphyry copper-gold discovery, and we vectored into significant mineralization in just two drill holes. We will continue to drill-evaluate Pica with the objective of locating the highest grade parts of the system. Pica represents just the first drill test of at least 19 porphyry copper-gold targets defined by nine years of painstaking work on our Philippine projects."

Pica 2 is continuing at a current depth of approximately 530 meters. The geophysical and geological target area at Pica covers approximately 2 kilometers by 1.5 kilometers. A second large-capacity drill rig will be moved to the Batangas Projects in the near future to continue drill evaluation of Pica and other porphyry copper-gold targets that are currently being prioritized.

Thirteen samples from Pica 2 were submitted to an independent consulting petrologist for detailed geologic studies. Standard quality control procedures are applied in the assaying of all drill core samples. The accompanying table shows the drill results to date.

In summary, drill hole Pica 2 intersected typical argillic lithocap between 0 and 22 meters and then phyllic-altered volcanics to 197 meters, with multi-episodic porphyry-style quartz-magnetite-pyrite veinlets containing chalcopyrite and traces of bornite (both copper minerals). Between 197 and 250 meters, potassic-altered (secondary K-spar and biotite) volcanics with similar mineralized veinlets were intersected. Between 250 and 304 meters, phyllic-altered volcanics veined with quartz-magnetite and containing traces of chalcopyrite, were intersected.

Phyllic-altered quartz diorite stockworked with similar veinlets was intersected between 304 and 340 meters. A late mineralization, weakly altered (propylitic) diorite dyke, veined in places with quartz +/- magnetite and with rare inclusions of chalcopyrite, was intersected between 340 and 438 meters. Between 438 and 530 meters, potassic-altered quartz diorite was intersected with silicification, quartz-anhydrite-chalcopyrite veins and chalcopyrite and bornite disseminations, increasing with depth. Four younger, narrow epithermal veins with moderate gold grades are telescoped into the porphyry system.

From To Length Cu, Au, Ag,
(m) (m) (m) % g/t g/t Remarks
2.00 22.00 20.00 Assays not yet Argillic (quartz-clay-chlorite-
received pyrite)-altered porphyritic
andesite with minor porphyry-
style quartz-magnetite+/-pyrite
22.00 29.80 7.80 0.10 0.06 0.40 Phyllic (quartz-sericite-
smectite-pyrite+/- chlorite)-
altered porphyritic andesite
with minor magnetite and
chalcopyrite in porphyry-style
29.80 31.30 1.50 0.10 8.53 15.90 Younger massive quartz-
galena epithermal vein
overprinting the porphyry
31.30 90.90 59.60 0.21 0.05 1.08 Moderate chalcopyrite with
traces of bornite in porphyry-
style quartz-pyrite-magnetite
veins/stockworks/fractures in
phyllic-altered porphyritic
90.90 92.15 1.25 0.36 2.21 24.10 Younger quartz-sphalerite-
pyrite-chalcopyrite epithermal
vein overprinting the porphyry
92.15 110.00 17.85 0.24 0.15 2.54 Moderately disseminated
in phyllic-altered porphyritic
andesite with porphyry-style
chalcopyrite veins/stockworks.
Magnetite rimmed by chalcopyrite
in veins/fractures.
110.00 114.40 4.40 0.19 4.34 16.95 Younger quartz-barite-
epithermal vein with minor
disseminated chalcopyrite
overprinting the porphyry system.
114.40 120.40 6.00 0.16 0.52 6.47 Moderate magnetite, minor
chalcopyrite and trace bornite
disseminations in phyllic-
altered porphyritic andesite
with porphyry-style quartz-
pyrite-magnetite veins/stockworks.
Traces of chalcopyrite and
bornite in veins/fractures.
120.40 122.50 2.10 0.05 4.97 13.07 Younger quartz-barite+/-
sphalerite+/-galena epithermal
vein with traces of
chalcopyrite overprinting the
porphyry system.
122.50 235.00 112.50 0.16 0.09 0.88 Minor disseminated chalcopyrite
and traces of bornite in
phyllic- to potassic (secondary
porphyritic andesite with
porphyry-style quartz-pyrite-
magnetite veins/stockworks.
Magnetite rimmed by chalcopyrite
in veins/fractures.
235.00 358.00 123.00 0.06 0.05 0.5 Traces of chalcopyrite along
quartz-magnetite veins/fractures
in porphyritic andesite (potassic-
altered down to 250 meters,
phyllic-altered down to 304
meters); phyllic-altered quartz
diorite from 304 meters to 340
meters; and weakly-altered
propylitic late diorite dike
from 340 to 358 meters.
358.00 438.00 80.00 Assays not yet Traces of chalcopyrite in
received quartz-magnetite+/-pyrite
veinlets in the late diorite
438.00 450.00 12.00 Assays not yet Minor chalcopyrite - trace
received bornite in quartz-anhydrite+/-
pyrite+/-magnetite veins/
fractures in potassic-altered
quartz diorite porphyry.
450.00 530.00 80.00 Assays not yet Moderate chalcopyrite-bornite
received in quartz and anhydrite veins/
fractures and as disseminations
in strongly silicified,
potassic-altered quartz
diorite porphyry. Quartz-
anhydrite veins increasing
with depth.

Work is carried out under the supervision of Tony Climie, P.Geol., who is a qualified person as defined by National Instrument 43-101, and President of Mindoro.

The location of Pica 2 is shown on the Lobo Project compilation map accompanying this news release on Mindoro's website. It is a vertical hole, approximately 150 meters west of Pica hole 1, which intersected the outer, or upper, weakly mineralized margins of a porphyry system. Pica 1 results were reported in a release dated June 22, 2005.


Mindoro is a Tier 1 Company trading on the TSX Venture Exchange (TSX VENTURE:MIO) and the Frankfurt Stock Exchange (OLM). The company is exploring for gold and gold-copper in the prolifically mineralized magmatic arcs of the Asia-Pacific Region. Mindoro has been active in the Philippines since 1996 and is presently focused on six promising projects in politically stable jurisdictions of the country.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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